HDFC Home Improvement loan: Get 100% of the improvement estimate

Nowadays, home improvement or home renovation is not just about making small changes in your home, but most of us want to give a total make over to our home. When we think about home improvement or home renovation, we want to give our home a totally new look, which will make it just like a new home. Making changes in your home or renovating our home is very exciting. There are numerous ideas that we can implement to renovate our homes. Even there are professionals of the field, who can help us in renovating our home the way we want.

If your renovation budget is out of your reach and you don't have enough funds to meet the extended cost of the renovation, then there is no need to drop the idea of renovation, rather you can borrow a loan from any of the bank to refresh your home. HDFC bank offers home renovation loan to customers to meet their financial requirements. The bank offers 100% of the estimated cost of the improvement work. You can use it to change the flooring, titling and doing other improvement work. Here are some special features and benefits of home improvement loan.

Features of HDFC home improvement loan:

HDFC offers a loan for enhancing and improving the home

It offers loan for making changes and improvement work such as tiling and flooring, internal and external plaster and painter etc.

Both existing and new customers can avail a loan

Simple and hassle-free documentation

Simple and easy repayment system via monthly installments

Loan available at home loan rates

Maximum loan amount available upto 100% of the estimated cost

Maximum loan tenure is 15 years

It charges upto 0.50% of the loan amount as processing fee or Rs. 2,000, whichever is higher, plus applicable taxes.

You can apply for individual or joint loan for purchase of plot. All proposed owners of the property are required to be co-applicants. However, it is not necessary that all co-applicants would be co-owners. You can apply for a joint loan with your spouse, father/mother.

Loan tenure

The maximum loan tenure is upto 15 years. You can choose a tenure from minimum to maximum as per your repayment plans. The maximum tenure also depends upon the profile of the customer. While deciding upon the maximum tenure bank consider a few things such as customer's age at the time of application as well as at the loan maturity, customer's repayment scheme he/she wants to opt and any other terms applicable on the loan.

Maximum loan amount

Existing HDFC customers

Loan amount

Maximum Funding*

Upto Rs. 30 lacs

Upto 100% of the improvement estimate, subject to a condition that loan or total exposure not over 90% of the property's market value as set by HDFC)

Rs.30.01 lacs-75 lacs

Upto 100% of the improvement estimate. However the loan amount or the overall exposure is limited to 80% of the property's market value as set by HDFC)

Above Rs.75 lacs

Upto 100% of the improvement estimate with a condition that the loan or overall exposure must not be over 80% of the property's market value as ascertained by HDFC

You have the option to choose from a home improvement loans as stated below.

Adjustable plot loans

A plot loan under the adjustable rate is linked to the Retail Prime Lending Rate (RPLR) of HDFC. Upon any change in the RPLR, there will be a revision of interest rate on your loan once a quarter based upon the date of your first disbursement irrespective of the change in EMI. The interest component of the EMI will increase with a rise in interest rates. The principal amount, though, will come down, invariably resulting into the enhancement of the loan tenure, and vice-versa upon the reduction in interest rates.

TruFixed home loans

You get a portion of TruFixed home loan at a fixed rate and another part at a floating rate. For the first 2-3 years, the loan will be offered at a fixed rate. Post the said period, the floating rate will automatically take over for the remaining time of the loan. The maximum repayment tenure is 15 years.

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